Every website, e-commerce stores, and other virtual platforms have a database. Each database consists of unique files, images, and videos. There always comes a time when a database is no longer deemed “insufficient” for one reason or another. In most cases, database insufficiency is related to inadequate storage space. Other reasons include outdated technology, lack of security, slow processing times, and frequent, inexcusable downtime.
When it is time to upgrade, there are not too many choices available, but to build a new, improved database. Believe it or not, database creation should be left to the experts. The same goes for database migration, the process of moving data from an existing platform to a new platform. Is this a risky process? Of course, it is risky. In fact, there are many things that could go wrong during database migration. One particular problem that comes to mind is the loss of data.
If you opt to go with DIY database migration, you will have no one to blame for the mishap other than yourself. Hiring a database migration specialist is always the best option, especially for the non-tech-savvy individual.
Now, you know the risk involved in database migration. Would you consider going DIY after this new discovery? It is highly likely you would not even touch the database with a 10-foot pole. Whatever the case may be, consumers need to know they are protected from financial loss when hiring insured database migration specialists.
How Do Database Migration Experts Protect Themselves And Their Clients From Financial Loss?
One of the most common forms of financial protection is professional liability insurance. This policy protects database migration firms and their clients from financial loss associated with negligence claims and lawsuits.
One example of database migration negligence covered under Professional Liability Insurance (PLI) is an incomplete implementation. In this case, the specialist did not properly prepare for the execution of the newly developed database. Instead of preparing, she rushed the process, resulting in incomplete database migration. Only a small portion of the client’s data was relocated to the new database.
Who do you believe is responsible for the damage caused by this negligent act? You can rule yourself out if you did not oversee the database migration process. In this case, the responsible party is a database migration specialist.
The only way a client is protected from a negligence-based financial loss is if the hired professional is covered under a professional liability policy. To get what is owed to you, a negligence claim must be filed against the professional’s PLI policy. A claim will warrant a full investigation by the responsible insurance company.
Are Negligence Investigations Fairly Conducted?
When it comes to a negligence investigation, the investigator must be just, unbiased, and play a neutral part in the process. An insurance investigator will be assigned to your case to ensure fairness on all levels for both parties. The investigator’s main goal is to seek the truth, determining which part is at fault.
A negligence investigation can take anywhere from five business days to several weeks or months, depending on the severity of the negligence claim.
Negligence investigators are not supposed to take sides, he/she is to remain neutral throughout the entire process. Unfortunately, a few investigators will instantly side with the insurance company because this is the party that writes the checks. Taking this approach is not legal, just, or fair for none of the involved parties.
What Is PLI?
PLI is a type of liability insurance policy. It is specifically designed to protect professionals from financial loss associated with negligence claims. Negligence can be anything from providing bad advice, breached contracts, failed performance, and errors and omissions.
This policy is limited, especially for professionals working in high-risk industries like database migration. There is no such thing as “too much coverage,” which is why many professionals opt for customized liability policies. A customized policy will include various coverage types, such as general liability, employers liability, Commercial General Liability (CGL), cyber liability, and business contents coverage. Below you will read about these various ad-on coverages.
Cyber Liability Insurance
Cyber liability is an insurance policy that covers damage associated with security breaches and data breaches. Nearly all modern businesses, including a database migration firm, rely on the Internet and a computer for data storage, company-to-client communication, inventory management, invoice development and distribution, and new program development.
While technology has made operating a database migration firm easier, it has also opened doors of opportunities for computer hacks and security breaches. Relying on the latest firewalls and other security programs is not always enough to keep hackers at bay.
Hundreds of cyberattacks are reported in Canada each year. These reports combined with others around the globe would bring the number to millions. The Canadian government alone reported 2,500 cyberattacks last year. These reports continue to increase each year, prompting activists to push harder for more security software options.
A security breach can occur at the drop of a hat, resulting in the theft of thousands if not millions of records. Somewhere in the stolen data is hundreds of records containing consumers’ personal identifying information. If you are a victim of a security breach not on your own accord, you have the right to file a claim or lawsuit against the party at fault.
General Liability Insurance
General Liability Insurance (GLI) covers lawsuits and claims associated with personal injuries, property damage, broken contracts, and advertising injuries. Some database migration firms make the mistake of thinking they are not exposed to the mishaps that resulted in the aforementioned injuries and damages.
You can save money by combining professional liability and general liability coverage into a single policy. These customized liability policies are the new norm for Canadian database migration firms and specialists.
Contact ProfessionalsCoverage Today!
ProfessionalsCoverage is Canada’s liability insurance specialist. These experts bridge the gap between database migration professionals and Canada’s top liability insurance brokerages. Whether you are looking for a core liability policy, seeking answers to a couple of liability insurance questions, or needing a free PLI policy quote, ProfessionalsCoverage is here to help. Contact our office to be connected with one of Canada’s top insurance brokers without further delay.
You biggest asset in life is your earning ability. If you are unable to work, you will need to rely on either your savings or borrow money to sustain your lifestyle. When these unfortunate circumstances occur, dependents and spouses are also impacted financially and emotionally.
Disability insurance coverage will provide you a monthly income benefit, usually totaling 70% to 80% of your income, when you are unable to work for a period of time due to injury or illness.
Types of disability insurance
- Long-Term Disability Insurance (LTD)
- Short-Term Disability Insurance
- Key Person Disability Insurance
- Self Employed Disability Insurance
- Mortgage Disability Insurance
- Temporary Disability Insurance
- Supplemental Disability Insurance
Need coverage in effect? Compare the market!
FAQ before purchasing liability insurance
- How much professional liability insurance do I need?
- How do I get a liability insurance policy?
- What does professional liability insurance cover?
- What is the difference between claims made & occurrence form of coverage?
- When will I need to be insured?
- What other professions need this type of insurance?
Other useful posts you should also read
- Canadian insurance companies that provide professional liability insurance
- How does the claims process work if I get sued because of my professional services?
- What is the cost of professional liability insurance?
- How do I apply for a professional liability insurance policy?
- How do I qualify for coverage as a professional service provider?
- What is the purpose of getting insured as a professional?
- How long will it take to get an insurance quote for my business?